. >>> president obama addressed the so called fiscal cliff today in his first public comment since election night. he said that he is open to compromise but as nicole collins reports he also laid down one major condition. >> i refuse to accept any approach that isn't balanced. >> reporter: president obama drawing a line on the sand saying any agreement on deficit reduction must include tax increases on the wealthy. >> we have to combine -- i'm open to compromise. i'm open to new ideas. >> reporter: house speaker john boehner reiterating his plan. the speaker saying he's unwilling to raise taxes but is open to new revenue by eliminating some tax deductions and loopholes. >> by lowering rates and cleaning up the tax code we know we're going to get more economic growth. it'll bring jobs back to america. it'll bring more revenue. >> reporter: with their starting points for negotiations defined both parties agree a deal must be reached or the economy will fall back into recession. >> i was encouraged to hear speaker boehner agree that tax and revenue is a priority. >> reporter: in washington, ni